A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge fromits accountant for assistance in filing its charter with the state. The entry to record this transaction willinclude: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Cash. A $900 debit toOrganization Expenses. A $1,700 credit to Paid - in Capital in Excess of Par Value, Common Stock. A $2,600 credit to Common Stock.

Name: A corporation issued 180 shares of its $5 par value common stock in p
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge fromits accountant for assistance in filing its charter with the state. The entry to record this transaction willinclude: Multiple Choice A $2,600 debit t

A journal entry is a basic accounting record that is used to chronologically track financial…

Business

Accounting

A corporation issued 180 shares of its $5 par value common stock in payment of its accountant for assistance in filing its charter with the state. The entry to recor include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Ca

A corporation issued 180 shares of its $5 par value common stock in payment of its accountant for assistance in filing its charter with the state. The entry to recor include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Ca

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9MC: Stock can be issued for all except which of the following? A. accounts payable B. state income tax...

See similar textbooks

Related questions

Q: The charter of a corporation provides for the issuance of 25,000 shares of common stock. Assume that…

A: The number of shares outstanding for a corporation is an important metric representing the total…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 99,900 shares…

A: The amount received in excess of par value common stock is to be credited to "Paid in capital in…

Q: A corporation is authorized to issue 60,000 shares of $30 common stock, the corporation should…

A: Authorized capital is the maximum number of shares that a company can issue. Paid-in capital is the…

Q: The charter of a corporation provides for the issuance of 104,571 shares of common stock. Assume…

A: Cash dividends: The amount of cash provided by a corporation out of its distributable profits to its…

Q: The charter of a corporation provides for the issuance of 95,000 shares of common stock. Assume that…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: The charter of a corporation provides for the issuance of 120,000 shares of common stock. Assume…

A: Authorized share capital is the number of stock units (shares) that a corporation can issue as…

Q: n-Line Learning Corporation obtained a charter at the beginning of this year that authorized 63,000…

A: Journal means the book of original entry where the first time entry is passed. Share with no par…

Q: A corporation issues 4,550 shares of common stock $145,600. The stock has a stated value of $19 per…

A: Common Stock is a share issued by the company to the shareholders. The common stock is issued at par…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from
its accountant for assistance in filing its charter with the state. The entry to record this transaction will
include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Cash. A $900 debit to
Organization Expenses. A $1,700 credit to Paid - in Capital in Excess of Par Value, Common Stock. A $
2,600 credit to Common Stock.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Working notes for the calculation of the journal entry amount

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A corporation issued 300 shares of its $5 par value common stock in payment of a $1,800 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: A $1,800 credit to Common Stock. A $1,500 debit to Organization Expenses. A $300 credit to Contributed Capital in Excess of Par Value, Common Stock. A $1,800 debit to Legal Expenses. A $1,800 credit to Cash.
A corporation issued 250 shares of its $5 par value common stock in payment of a $3,300 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice O O A $1,250 debit to Organization Expenses. A $3,300 credit to Cash. A $3,300 debit to Common Stock. A $3,300 credit to Common Stock. A $2,050 credit to Paid-in Capital in Excess of Par Value, Common Stock.
A corporation issued 220 shares of its $5 par value common stock in payment of a $3,000 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice 14 A $1,100 debit to Organization Expenses. A $3,000 debit to Legal Expenses. A $3,000 credit to Common Stock. Prev 1 of 30 Next
A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:
The charter of a corporation provides for the issuance of 95,735 shares of common stock. Assume that 43,241 shares were originally issued and 3,458 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1 per share dividend is declared? Select the correct answer. a-$43,241 b-$95,735 c-$3,458 d-$39,783
The charter of a corporation provides for the issuance of 106,898 shares of common stock. Assume that 42,395 shares were originally issued and 4,642 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a.$42,395 b.$106,898 c.$4,642 d.$75,506
The charter of a corporation provides for the issuance of 105,588 shares of common stock. Assume that 41,103 shares were originally issued and $4,863 were subsequentially reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared?
The charter of a corporation provides for the issuance of 115,494 shares of common stock. Assume that 43,963 shares were originally issued and 4,399 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? Oa. $115,494 Ob. $79,128 Oc. $4,399 Od. $43,963
The charter of a corporation provides for the issuance of 113,026 shares of common stock. Assume that 37,231 shares were originally issued and 3,999 were subsequently reacquired. What is the amount of cash dividends to be paid if a $4 per share dividend is declared? Oa. $15,996 Ob. $148,924 Oc. $452,104 Od. $132,928 Previous Next
A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: Multiple Choice A debit to Common Stock for $12,000. A debit to Land for $12,000. A credit to Land for $12,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000. A credit to Common Stock for $84,000.
A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13, half of the treasury stock was sold for $3,000. On April 26, the other half of the treasury stock was sold for $1,800. The entry to record the April 26 sale would include a a.credit to Cash for $1,800. b.debit to Paid-In Capital from Sale of Treasury Stock for $200. c.debit to Treasury Stock for $2,000. d.credit to Paid-In Capital from Sale of Treasury Stock for $1,200.
If a corporation issues 1,000 shares of $1 par value common stock for $12,000, the journalentry would include a credit toa. Common Stock for $1,000.b. Retained Earnings for $1,000.c. Common Stock for $12,000.d. Paid-in Capital in Excess of Par—Common for $12,000.